Credit union savings up to €10bn

SAVINGS at the country’s 532 credit unions have reached nearly €10 billion, according to the movement’s governing body.

The Irish League of Credit Unions (ILCU) said members’ savings last year grew by 17% with overall assets rising by 12% to €11bn.

According to its annual report, the ILCU advanced 6bn to customers in 2003, a 6% increase on the previous year. The average loan to customers was almost €7,000, and 37% of its loans were under €750.